Stinkschoen schreef op 5 januari 2021 17:11:
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Goede vraag Hans. Ik heb zojuist het jaarverslag van 2019 opengegooid en vond daarin het volgende:
"Exchange rate fluctuations could negatively
affect Pharming’s financial condition
Pharming is based in the Netherlands, but sources
materials, products and services from several countries
outside the EU-territory which are paid in local currencies.
As a result of the commercialisation of RUCONEST® in the
USA and in other countries outside the EU and the USA,
Pharming will also receive payments or generate costs in
US dollars or possibly in other currencies.
Since the majority of Pharming’s sales are invoiced
and paid in US dollars, and the majority of its costs and
liabilities are valued in Euros, any change in the relevant
exchange rate means a corresponding change in the
euro value of sales and a corresponding change in the
loan balance in euros. As sales grow, it is necessary to
make more conservative assumptions and to execute
external hedging policies by buying dollars and/or euros
at forward rates in an integrated treasury policy. This
will minimise the net effect of foreign exchange rate
differences on the accounts of the Company."
Ik hoop dus dat er een actieve hedging heeft plaatsgevonden voor Pharming gedurende 2020 en richting de toekomst. De procentuele verzwakking van de USD-positie kan een flinke impact hebben namelijk.